Diesel and kerosene prices are expected to go down next week, but gasoline prices are seen to rise, industry sources told the Standard.
Based on the first four trading days of the week, the price of diesel fuel may decrease by P1.40 per liter and kerosene by P1.20 per liter, sources said.
But pump prices for gasoline may go up by 20 to 30 centavos per liter. These figures will change depending on the close of the trading on Friday, the sources added.
On Oct. 10, the oil companies implemented a price rollback of P3.05 per liter for gasoline, P2.45 per liter for diesel and P3 per liter for kerosene.
Last week’s price adjustments resulted in a year-to-date net increase of P13.20 per liter for gasoline, P12.65 per liter for diesel, and P7.19 per liter for kerosene.
Meanwhile, various groups pushing for an increase in the renewable energy component of the country’s power supply mix criticized the government for pushing liquefied natural gas as an alternative.
On the third anniversary of the coal moratorium, the groups called on the Energy Department to stop promoting the use of LNG as a transition fuel from coal-fired power plants.
Power for People convenor Gerry Arances said the country can attain 100 percent renewable energy in a few years’ time, contrary to the DOE’s projection of only 50 percent renewable energy in the mix by 2040.
On Tuesday, President Marcos also ordered the shortening of the trigger period for the release of fuel subsidies – from three consecutive months to only one month that the Dubai price per barrel exceeds US$80.
Mr. Marcos issued the directive during a review of the mitigating measures for high fuel prices in a sectoral meeting at the Palace on Tuesday, Energy Secretary Raphael Lotilla said.
Lotilla said the President also ordered agencies to simplify the release requirements as it took time to release the funds for fuel subsidies in the past.
Department of Energy data showed Dubai crude was at $92.35 per barrel as on Monday. It has remained above $80 per barrel since August.